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Enterprise value is the difference between a company's book value and a company's market capitalization. It is a consequence of the difference between value as defined by generally accepted accounting principles and value as defined by investors. Over the past few years, enterprise value has been used as a proxy for intellectual property value. During the market bubble years when market capitalizations were well in excess of book values, IP emerged as the new "must have" high-value asset. Skeptics now suggest that the collapse of the bubble took the air out of patent value. This author and his firm suggest that a requiem commemorating the demise of patent value would be premature. We also suggest that there is good empirical evidence why market-based valuation systems for IP are reasonable.

In general, when confronted with the threat of a patent infringement suit, companies undertake a simple calculation to determine whether to seek an exculpatory opinion of counsel. Specifically, the potential infringer determines the amount of damages likely to be assessed in the event infringement is found, and whether the enhancement of those damages exceeds the (often considerable) cost of a non-infringement opinion. Of course, the necessity of obtaining an opinion is likely to be affected by the pending en banc opinion from the Federal Circuit in Knorr-Bremse v. Dana Corp. However, assuming that exculpatory opinions will continue to have a role in the willfulness calculus, this simple cost-benefit analysis will remain in use.

Patent practitioners need to do better in sharing their expertise with senior executives, managers, and other personnel. Business leaders, economists, and the general public are increasingly aware of intellectual assets and their value. However, few people actually possess intellectual asset literacy, let alone a deeper appreciation of the principles, strategies, and challenges surrounding patents and other IP. There is a need for high-quality IP education initiatives within organizations of all sizes.

Everyone agrees that the world for those delivering legal services to Fortune 500 clients is in a state of tremendous flux. Demands placed on lawyers and firms to deliver for their clients have never been more challenging, or potentially more rewarding. This new reality has created an enormous opportunity for Canadian law firms with the ability to offer service in the U.S., and it also creates an opportunity for U.S. firms to gain access to a rich talent pool.

Thar's gold in them thar hills." Like the miner panning for gold, you can increase revenues and profits by finding nuggets of data, which has been captured in your software programs. This critical information can provide a blueprint for creating a plan for future business development that will increase your revenues and your profits. Yet, few law firms take advantage of their existing data by analyzing it and then using it strategically.
Data, such as the client referral source industry or marketing activity that generated the client, the client industry and client matter linked to the clients' revenues can be the foundation for future marketing efforts.

In recent years, many firms have reluctantly bitten various bullets and abandoned practice areas that can no longer support their fee structures. Long before the firms' decided to get out of those businesses, though, many lawyers practicing in those areas suffered steady diminution of their earning power, professional satisfaction and internal prestige. This unnecessary human cost could have been avoided, or at least minimized, if only firms recognized sooner that the services were maturing. If they had, they would have had much more time to prepare their lawyers and ease the inevitable transition to newer, more valuable services. So, what early signs warn alert firms that a service is aging?

The decision to merge your law firm with another is complex. Not only must you consider the myriad financial and business details and weigh how the firms will mix culturally, you must also carefully plan out how you will announce the decision to your support staff, clients, vendors and consultants. Each of these groups is important and each needs special attention.
Of course, you must notify the public as well, and the best way to reach this massive group is via the legal, business and local media. It makes sense to work with public relations professionals while you go through the merger process.

From what I've observed, most firms would be better off if they scrapped their marketing plans, projects, budgets and staffs completely. Save the money and spend it on summer associate swag, the holiday party, better seats at sporting events ' whatever. Why? Because marketing relies on something that many firms seem content to do without ' purpose.